In S1 2024, the total office area rented in Bucharest reached 160.000 sqm.
Of those, 54% were (Pre) Lease & Expansion transactions, while 46% were Renewal & Renegotiation transactions in the current premises.
The most sought-after area of Bucharest was Center-North, with 52% of companies’ preferences for renting new spaces, followed by Center-West and North, each with 15%.
(Pre) Leases si Expansions in S1 2024, by field of activity
The distribution of (Pre)Leases and Expansion transactions by fields of activity was particularly balanced in 2024. The most active tenants in Bucharest were the companies from the Medical & Pharma and IT & Communication fields, each with 17% of the newly leased area, followed by companies from the Industrial & Manufacturing sector with 16% and Financial Services with 10% of the leased area.
Relative stability in the office market
Both (Pre) Leases & Expansions and Renewal transactions remained at values close to those of S1 2023.
This first semester of 2024, similar to S1 2023, sees the maintenance at a high level, of Renegotiations / Renewals transactions, many companies still maintain a prudent behavior, unlike the year 2022, when (Pre)Leases and Expansions transactions dominated in total transactions.
In Q1 2024 no new office project was delivered, and this year will record the lowest level of delivered office spaces, namely 16,000 sqm within the AFI Loft Project.
Although in 2024 a period of lull in the development of office buildings in Bucharest is foreseen, companies that are considering changing or expanding their headquarters have extensive areas in high-class office buildings already in use and have office spaces available.
Relocation opportunities in 2024
A special opportunity for companies evaluating relocation in 2024 is represented by the existence of “turnkey” office spaces, fully furnished, which are available for rent either from rental companies that have surplus areas or directly from the owners of the office buildings.
Founder Partner of ESOP Consulting CORFAC International, coordinator of the Corporate Office Spaces division, with 18 years of experience in real estate consulting and entrepreneurship.
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